Now that the Powerball lottery has arrived in California, I thought it would be good to talk about the impact of unexpected or sudden wealth on one’s life. We’ve all probably dreamed at one time or another about how fantastic our lives would become if we could only win the lottery. I’ve no doubt there…
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The Social Security Administration gives retirees the option of collecting social security (SS) benefits as early as age 62. But they offer a much higher monthly benefit if you choose instead to delay collecting benefits until age 70. How much more? According to Elaine Floyd of Horsesmouth, LLC, a financial advisor consulting company, if you…
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It seems like the bad news about our retirement prospects just keeps on coming. According to a U.S. Census Bureau report just released, the median level of debt among households led by someone 65 and older more than doubled over the last decade from roughly $12,000 to $26,000. This increase was the biggest among any…
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There are a number of tools you can use to reduce taxes on the growth of your investments. You can contribute to a traditional IRA, where you get a tax deduction for the contribution plus tax-deferral on all gains until you retire. Or you can contribute to a Roth IRA. You don’t get the tax…
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Many of the individuals and families I’ve helped with financial advice over the numerous years I’ve been a financial planner initially came to me with a specific issue or concern. Sometimes it was the need to consolidate and rationalize an investment portfolio scattered across numerous accounts. Occasionally it was what to do with the money…
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According to fourth quarter 2012 data for defined contribution plans administered by MassMutual (as reported in media site BenefitsPro.com), the average deferral rate for women participants was 5.38% and the rate for men 5.81%. This was reportedly the highest savings rate in four years. That’s the good news. But is a 5% or 6% savings…
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